Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Suppose you obtain a 20-year mortgage loan of $196,000 at an annual interest rate of 7.9%. The annual property tax bill is $966 and the annual fire insurance premium is $488. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)
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